Pretty much. And I'm Brazilian but I know the Gracies are full of it. First person who told me this was my bjj instructor, he said BJJ and Judo are the same and I asked what about the stuff about BJJ requiring less strength? He said it is bullshit.
If you think about it, Judo was developed by Jigoro Kano, dude was tiny, even for turn of the 20th century Japan. Helio Gracie, on the other hand, wasn't even that small, Kimura says in his book he was considerably taller than himself.
When somebody asks me about it my response goes something like this:
There were many schools of Japanese Ju Jutsu, JJJ was in the decline as Japan was modernizing, Jigoro Kano wanted to learn it and make a more modern form of it and promote it around the world. He created Judo but at the time many called it just Ju Jutsu. He sent one of his students to Brazil and he taught the Gracies, a somewhat wealthy family that could pay him for personal classes. They then started teaching it around Brazil. They changed the rules so you couldn't get an Ippon just by throwing an opponent. So Brazilians focused more on pure grappling on the ground. The techniques are the same they learned from the Japanese but as we focused on ground fighting we had a competitive advantage there.
I think BJJ is more interesting than Judo, I understand that a throw on hard ground could probably kill a man but as a sport I find it anticlimatic that the fight ends right there and modern Judo sucks even more, most of the Ippons look like two dudes awkwardly falling together.
Also, the Gracies got their asses kicked by Brazilian catch wrestlers from time to time but they don't talk about that too much.
I do give credit to the Gracies for popularizing BJJ and in a way MMA. You gotta give it to them, they were brave, taking on a bunch of guys for almost no money at the time.